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Do House Prices Impact Consumption and Interest Rate?: Evidence from OECD Countries Using an Agnostic Identification Procedure
André, Christophe; Gupta, Rangan; Kanda, Patrick T. - Economics Department, Organisation de Coopération et … - 2012
This paper investigates the existence of significant spillovers from the housing sector onto the wider economy for the seven major OECD countries using Uhlig's (2005) agnostic identification procedure. This method allows a housing demand shock to be identified in a six-variable VAR model by...
Persistent link: https://www.econbiz.de/10011277019
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Do House Prices Impact Consumption and Interest Rate in South Africa? Evidence from a Time-Varying Vector Autoregressive Model
Peretti, Vittorio; Gupta, Rangan; Inglesi-Lotz, Roula - Department of Economics, Faculty of Economic and … - 2012
liberalization until the South African Reserve Bank (SARB) moved to the official inflation-targeting regime. The effect of house …
Persistent link: https://www.econbiz.de/10010552942
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Do House Prices Impact Consumption and Interest Rate? Evidence from OECD Countries using an Agnostic Identification Procedure
Andre, Christophe; Gupta, Rangan; Kanda, Patrick T. - In: Applied Economics Quarterly (formerly: Konjunkturpolitik) 58 (2012) 1, pp. 19-70
This paper investigates the existence of significant spillovers from the housing sector onto the wider economy for eight OECD countries in a six-variable structural vector autoregressive model (SVAR). A housing demand shock is identified through the recursive Choleski decompostion and,...
Persistent link: https://www.econbiz.de/10010639468
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A New Core Inflation Indicator for New Zealand
Giannone, Domenico; Matheson, Troy - C.E.P.R. Discussion Papers - 2007
This paper introduces a new indicator of core inflation for New Zealand, estimated using a dynamic factor model and … core indicator with a wide range of other ‘core inflation’ measures estimated from disaggregate consumer prices, such as … the weighted median and the trimmed mean. The medium term inflation target of Reserve Bank of New Zealand is used as a …
Persistent link: https://www.econbiz.de/10005656226
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Debt Dynamics and Monetary Policy: A Note
Laséen, Stefan; Strid, Ingvar - Sveriges Riksbank - 2013
"Leaning against the wind" – a tighter monetary policy than necessary for stabilizing inflation around the inflation …
Persistent link: https://www.econbiz.de/10010733867
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Do Stock Prices Impact Consumption and Interest Rate in South Africa? Evidence from a Time-Varying Vector Autoregressive Model
Aye, Goodness C.; Gupta, Rangan; Modise, Mampho P. - Department of Economics, Faculty of Economic and … - 2012
This paper investigates the existence of spillovers from stock prices onto consumption and the interest rate for South Africa using a time-varying vector autoregressive (TVP-VAR) model with stochastic volatility. In this regard, we estimate a three-variable TVP-VAR model comprising of real...
Persistent link: https://www.econbiz.de/10010658702
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FULFILLMENT OF THE INFLATION TARGET IN POLAND
Jedruchniewicz, Andrzej - In: Oeconomia Copernicana 4 (2013) 3, pp. 5-21
Inflation is a fundamental category within an economy. Mainstream economists claim that its rate cannot be high nor too … Poland’s inflation target that is fixed on the level of 2,5% annually with the accepted range of +/- 1 percentage point … deviation. Main causes that were shaping the rate of real inflation were also specified. Research methods adopted in this paper …
Persistent link: https://www.econbiz.de/10011273744
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Fulfillment of the Inflation Target in Poland
Jedruchniewicz, Andrzej - In: Oeconomia Copernicana 3 (2013), pp. 5-21
Inflation is a fundamental category within an economy. Mainstream economists claim that its rate cannot be high nor too … Poland’s inflation target that is fixed on the level of 2,5% annually with the accepted range of +/- 1 percentage point … deviation. Main causes that were shaping the rate of real inflation were also specified. Research methods adopted in this paper …
Persistent link: https://www.econbiz.de/10010741564
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Fulfillment of the Inflation Target in Poland
Jedruchniewicz, Andrzej - In: Oeconomia Copernicana 3 (2013), pp. 5-21
Inflation is a fundamental category within an economy. Mainstream economists claim that its rate cannot be high nor too … Poland’s inflation target that is fixed on the level of 2,5% annually with the accepted range of +/- 1 percentage point … deviation. Main causes that were shaping the rate of real inflation were also specified. Research methods adopted in this paper …
Persistent link: https://www.econbiz.de/10011123004
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The Link between Output, Inflation, Monetary Policy and Housing Price Dynamics
Demary, Markus - Volkswirtschaftliche Fakultät, … - 2009
This study analyses empirically the link between real house prices and key macro variables like prices, output and interest rates for ten OECD countries. We find out that a monetary policy shock lowers real house prices in all ten countries, where the interest rate shock explains between 12 and...
Persistent link: https://www.econbiz.de/10005034973